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Top 5 Loan Modification Tips
Start Today - If you are behind on payments or struggling with your mortgage, the worst thing you can do is ignore the problem. Remember, banks are in the business of lending money. Typically, it will cost the bank more to foreclose than it will to adjust your mortgage to help you stay in your home. But you have to act quickly. Approval for a loan modification can often take several weeks or months, so it's important to act at the first sign of trouble.
Gather Your Paperwork - Your bank will want to know your current income and debts including auto loans, credit card debts, student loans, and any other recurring bills that you face each month. The more comprehensive your documentation, the more quickly the process should go. Yo do not want to go back and forth with the lender for weeks compiling your information. Be honest with your financial situation and you're more likely to have a favorable result.
Write a Heartfelt Hardship Letter - Explain why you've run into trouble with your mortgage. Be specific as to why you are in this situation and how you plan on getting back on track. Once again, be honest. The letter should be clear and concise. Keep it around 2-3 paragraphs, hit the main points, and state your case in your own words.
Document Everything - Banks are overwhelmed with modification applications so it's important that you stay organized. Write down the name and contact information of every employee you speak to at the bank. Send documents via FedEx or certified mail. The better your paper trail, the smoother your modification process should be. Keeping diligent notes is also helpful if you ever need to take your case to an attorney.
Talk to a Professional - A professional mortgage counselor may be able to help you navigate the modification process smoother and faster. Most have been dealing with banks for years and have helped many homeowners save their homes. If you don't want to battle the bank alone, a professional may be the best option. Most offer free consultations where they will break down your loan to decide on the best course of action. Fill out the form above to connect with a professional today for a free mortgage review.
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How this Works
We match homeowners with professionals that offer mortgage assistance services. If you're behind on your mortgage or in danger of foreclosure, we'll match you with companies that may be able to help you negotiate with your bank to get new loan terms.
How do I get Started?
Fill out the form
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How much can I Save?
Each situation is different. Banks will take into consideration your hardship (why you fell behind on your loan), your debts, and income. Your best bet is to talk to a professional today to review your options and find out how much you may be able to save.